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Service provider due diligence: An overview

Author

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  • Mcdonald, Bart J.

Abstract

This paper is meant to provide any compliance professional, regardless of their firm’s size or business model, with the information needed to create and implement a reasonable due diligence process within their firm’s compliance programme. You will learn the specific regulations that apply to your type of firm, why they are required and how they can be addressed. It all starts with a risk assessment process, which is explained in sufficient detail that any type of firm can implement one. Specific tools are discussed to help identify and document important risks that must be a part of any sound due diligence process. We look at the initial and ongoing due diligence process and responsibilities firms have and offer examples of meeting these requirements. Finally, we identify how the due diligence process should be memorialised, documented and tested within the compliance programme.

Suggested Citation

  • Mcdonald, Bart J., 2018. "Service provider due diligence: An overview," Journal of Financial Compliance, Henry Stewart Publications, vol. 1(4), pages 337-344, May.
    • Handle: RePEc:aza:jfc000:y:2018:v:1:i:4:p:337-344
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    More about this item

    Keywords

    risk assessment; due diligence; compliance programme; due diligence questionnaire (DDQ); request for proposal (RFP);
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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